An auto loan for an older car is an option for customers who are looking to purchase a pre-owned vehicle. This type of loan gives the buyer the funds needed to buy a used car, truck, or SUV, and can usually be paid back over time.
Table Of Content:
- Old Car Loans | Commerce Bank
- Can I Finance an Older Car? - Kelley Blue Book
- How Do You Finance a Car That's More Than 10 Years Old ...
- 5 Auto Loans For Older Cars (2023) | BadCredit.org
- Classic Car Financing | LightStream
- Financing Older Cars: Can You Do It? | Shift
- New and used auto financing
- Private Party Auto Loans - What They Are and How They Work
- How Old of a Used Car Will a Bank Finance? - CarsDirect
- How To Get a Classic Car Loan | Credit Karma
1. Old Car Loans | Commerce Bank
https://www.commercebank.com/personal/borrow/vehicle-loans/older-cars
Commerce Bank makes it easy to get a deal on cars older than 7 years with flexible terms, rate discounts and pre-approved auto loans.
2. Can I Finance an Older Car? - Kelley Blue Book
https://www.kbb.com/car-advice/can-i-finance-an-older-car/
Financing a high-mileage car is not a hassle like it used to be. Lenders are open to financing older cars since they tend to withstand the tests of time. While ...
3. How Do You Finance a Car That's More Than 10 Years Old ...
https://www.autotrader.com/car-shopping/how-do-you-finance-car-s-more-10-years-old-258332
Mar 23, 2021 ... Many 'reputable' financial institutions will not finance car loans for vehicles older than 10 years. How do you finance a used car purchase for ...
4. 5 Auto Loans For Older Cars (2023) | BadCredit.org
https://www.badcredit.org/how-to/auto-loans-for-older-cars/
Best Auto Loans For Older Cars ; LendingTree · LendingTree. 4.7 · Auto loans for purchase, refinance, and lease buyouts; Nationwide lender network ; RefiJet ...
5. Classic Car Financing | LightStream
https://www.lightstream.com/classic-car-financing
Classic car financing ... *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for ...
6. Financing Older Cars: Can You Do It? | Shift
https://shift.com/articles/financing-older-cars-can-you-do-it
Dec 28, 2021 ... When applying for car loans for older cars, a lender considers your financial history and spending habits as well as the vehicle itself. Without ...
7. New and used auto financing
https://www.capitalone.com/auto-financing/
Apply online for a new or used Car Loan from Capital One Auto Finance. Get approved for a financing based on your needs and within your budget, ...
8. Private Party Auto Loans - What They Are and How They Work
https://www.bankofamerica.com/auto-loans/private-party/
If you're planning on buying a car from a private seller, you'll want to learn about private party car loans before you get started. A private party auto ...
9. How Old of a Used Car Will a Bank Finance? - CarsDirect
https://www.carsdirect.com/auto-loans/how-old-of-a-used-car-will-a-bank-finance
Get Car Financing Even with poor credit. ... Typically, a bank won't finance any vehicle older than 10 years, even if you have good credit. If you don't have ...
10. How To Get a Classic Car Loan | Credit Karma
https://www.creditkarma.com/auto/i/how-to-get-classic-car-loan
Oct 11, 2022 ... Not all lenders finance older vehicles, and this can create challenges if you want to finance the purchase of a classic car. You may need to ...
Can I get an auto loan for older car?
Yes, you can obtain an auto loan for an older car. Many lenders offer loans specifically designed for purchasing pre-owned vehicles.
What is the typical length of repayment on an auto loan?
The typical length of repayment on an auto loan varies according to the lender and credit score of the borrower. However, they often range from 24-72 months.
Are there any additional fees associated with this type of loan?
Most lenders do require some additional fees that are specific to obtaining a loan for an older car such as processing fees, title fees, registration fees, taxes, etc. It is important to be aware of all the costs associated with obtaining such a loan before signing any documents or agreeing to terms and conditions.
What kind of interest rate can I expect with this type of loan?
Interest rates vary depending on many factors such as credit rating, amount borrowed, term length and more. Generally speaking, it may be higher than traditional loans due to the fact that it is secured by a used vehicle.
Will my credit score affect my ability to obtain this type of loan?
Yes, your credit score will affect your ability to obtain this type of loan as well as possibly dictate what interest rate you are offered. A good credit score and history can help you qualify for lower interest rates or potential special offers by lenders when applying for a used car loan.
Conclusion:
An auto loan for older cars is a great way for those seeking pre-owned vehicles to acquire the financing they need in order to purchase their desired vehicle. With certain features such as flexible payment terms available in some cases and competitive interest rates in others – it's worth considering if you're in the market for a used automobile.
